EUR/USD tests short-term channel

Dukascopy Bank Team Dukascopy Bank SA

On Wednesday, the EUR/USD currency pair declined to the lower boundary of the short-term ascending channel located circa 1.1280. During today's morning, the pair was testing the given line.

From a theoretical perspective, it is expected, that the exchange rate could reverse north in the nearest future. Note, that the rate has to surpass the resistance level formed by the 55– and 100-hour SMAs, currently located circa 1.1312.

On the other hand, the pair could trade sideways between the given resistance, as well the support level formed by the 200-hour SMA and the weekly PP at the 1.1281 mark.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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